IREPAS Chairman Ioannis Manessis delivered a welcoming speech at the SteelOrbis Fall 2026 conference and the 95th IREPAS meeting, which took place on September 27-29 in Belgrade.
He noted that the global steel industry is operating in an increasingly complex and unstable environment. The market is affected by geopolitical conflicts, changing trade flows, rising costs and relatively weak demand.
According to Manessis, the deterioration of the situation in the Black Sea and Iran is already noticeably reflected in the steel markets and international trade. Damage to the port infrastructure and shipowners' fears of going to sea have seriously complicated transportation in the Black Sea region. Attacks on bulk carriers and oil tankers in the Middle East have created similar problems.
Rising energy prices increase costs in the steel supply chain
Manessis pointed out that the prices of oil, natural gas and coal have increased significantly in some cases. This increases the costs of steel producers, scrap suppliers, and transportation companies, affecting the entire supply chain.
At the same time, the industry is facing tougher global trade conditions. The head of IREPAS recalled the carbon adjustment mechanism at the EU border, protective measures introduced after July 1, US tariffs, restrictions on scrap metal trade in about 40 countries and other barriers that affect the steel market.
He also noted China's recent moves to prevent its steel companies from selling products at excessively low or unprofitable prices. According to Manessis, these measures are already beginning to affect the market.
Rising costs support steel prices despite weak demand
Manessis added that tariff pressure creates an additional burden on consumers as the authorities seek to contain inflation. At the same time, with the exception of demand related to the expansion of data centers for artificial intelligence, global consumption of metal products remains sluggish.
According to him, now it is the growth of costs, not demand, that determines the movement of the market. As a result, steel prices are rising in almost all regions, despite weak business activity.
Manessis acknowledged that the current situation remains difficult, but higher prices help support trade and create opportunities for market participants.
